ZIMBABWE Special Economic Zones Authority (Zimseza) chairman Gideon Gono has revealed that non-fiscal regulations and incentives have not been gazetted, hindering the authority’s ability to process any investment under special economic zones.
BY TATIRA ZWINOIRA
Speaking at a media briefing in Harare yesterday, Gono said President Emmerson Mnangagwa instructed the Attorney General’s office to gazette the regulations and incentives in order for the authority to carry out its mandate.
“These regulations are a legal necessity prescribed by the Act (Zimbabwe Special Economic Zones Act) itself and I am happy to say that these regulations should see the light of day by the end of this week,” he said.
“They [the incentives] are a product of worldwide research… his Excellency (Mnangagwa) said as soon as yesterday (Monday) ‘I would like to see those incentives and regulations gazetted’. He instructed the Attorney General to gazette those incentives without any further delay. Without those incentives or those regulations you cannot process an investment.”
Gono could not be drawn into revealing the incentives, adding that “they are going to be something to marvel at”.
The delay in gazetting the regulations spelling out the incentives is an affront to the Zimbabwe is open for business mantra since the new administration led by President Emmerson Mnangagwa swept into power last year.
The regulations and incentives will allow Zimseza to carry out its mandate which is to establish, regulate and control special economic zones along with the investment that go into them to operate with.
Since its constitution, Zimseza has been stifled with its inability to implement these incentives and regulations hampering its ability to approve projects in special economic zones.
The incentives will be offered to successful investors while they operate in a special economic zones.
Gono, however, did not explain the reason why it took too long to implement these regulations or what incentives would be offered.
Zimseza chief executive officer, Edwin Kondo said once the regulations were in place they would speed up that approval of special economic zones projects.
Investors that have visited Zimseza offices are from the United Kingdom, South Africa, China, India, South Korea and United Arab Emirates among others.